证券时报e公司讯，据金证股份消息，10月21日，FS2.5新一代清算系统在国信证券投产上线。 在金证与国信的配合下，FS2.5新一代清算系统历时八个月，实现了全客户、全业务支持。 FS2.5新一代清算系统将分散在各系统中的清算任务集中，完成对全量业务的统一清算，覆盖经纪业 务、资管业务、自营业务、国际业务和机构业务等全量业务。 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 Lin Yang lin.yang@htisec.com Liang Song I.song@htisec.com 金证股份（600446）公司研究报告 [Table_InvestInfo] 金融科技领军，赋能金融行业数字化升级 [Table_Summary] 投资要点： 聚焦大证券和大资管双基石战略，23 年净利润大幅提升。2023 年公司实现营 业收入 62.21 亿元，同比下降 3.97%；归母净利润 3.69 亿元，同比增长 37.20%； 扣非归母净利润 2.64 亿元，同比增长 22.61%。分业务来看，金融软件业务收 入 24.55 亿元，同比增长 5.61%；非金融软件业务收入 37.61 亿元，同比下降 9.05%。2020-2023 年公司金融行业收入占比逐步提升，分别占比 30.73%、 32.62%、35.89%、39.47%。净利润大幅提升主要系公司大力发展双基石业务， 毛利率较高的金融软件业务占比提升，且公司在成本费用控制方面取得明显 成效。24Q1 公司实现营业收入 10.89 亿元，同比下降 13 ...

证券代码：600446 证券简称：金证股份 公告编号：2024-055 深圳市金证科技股份有限公司 董事减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 董事持股的基本情况 截至本公告日，徐岷波先生持有深圳市金证科技股份有限公司（以下简称"公 司"）普通股 47,254,221 股，占公司目前总股本 4.99%，徐岷波先生为公司董事。 减持计划的主要内容 因个人资金需要，徐岷波先生自公告本减持计划之日起 15 个交易日后的 3 个月内，拟通过集中竞价交易或大宗交易方式减持所持有的公司股份，减持不超 过 7,600,000 股，不超过公司目前总股本的 0.81%。 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | | --- | --- | --- | --- | --- | --- | | 徐岷波 | 董事、监事、 | 47,254,221 | 4.99% | IPO 前取得：38,854,221 | 股 | | | 高 ...

证券代码：600446 证券简称：金证股份 公告编号：2024-054 深圳市金证科技股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2024/7/23 | | --- | --- | | 回购方案实施期限 | 2024/7/22~2025/1/21 | | 预计回购金额 | 2,000 万元~3,000 万元 | | 回购价格上限 | 12.00 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 2,193,600 股 | | 实际回购股数占总股本比例 | 0.23% | | 实际回购金额 | 20,335,662 元 | | 实际回购价格区间 | 8.99 元/股~9.57 元/股 | 重要内容提示： 一、 回购审批情况和回购方案内容 2024 年 7 月 12 日，深圳市金证科技股份有限公司（以下简称"公司"）收到 董 ...

上 市 公 司 证 券 研 究 报 告 计算机 2024 年 09 月 04 日 金证股份 (600446) — 战略业务进一步聚焦，信创案例券商、资管持续落地 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 9.53 | | 一年内最高 / 最低（元） | 14.15/8.85 | | 市净率 | 2.4 | | 息率（分红/股价） | 0.63 | | 流通 A 股市值（百万元） | 9,018 | | 上证指数/深证成指 | 2,802.98/8,268.05 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 3.99 | | | | | 资产负债率 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is under short-term pressure due to industry market fluctuations In H1 2024, the company achieved revenue of 2 347 billion yuan, a year-on-year decrease of 13 94%, and a net loss attributable to the parent company of 81 million yuan, a year-on-year decrease of 223 19% [6] - Financial business revenue remained stable year-on-year, with significant growth in asset management IT and customized services In H1 2024, financial business revenue was 936 million yuan, a slight decrease of 0 83% year-on-year, while asset management IT revenue increased by 58 74% to 85 million yuan, and customized services revenue grew by 15 98% to 435 million yuan [6] - Non-financial business segments contracted overall, with IT equipment distribution revenue declining by 19 00% to 1 272 billion yuan, and digital economy revenue falling by 47 02% to 90 million yuan [6] - The company continues to invest in core technologies to ensure long-term competitiveness, with R&D expenses reaching 269 million yuan in H1 2024, a year-on-year increase of 2 15%, and an R&D expense ratio of 11 47%, up 1 81 percentage points year-on-year [7] - The company is steadily advancing the upgrade of its core products in the financial technology sector, with significant progress in the development and promotion of its next-generation trading system FS2 5 and asset management system A8 [7][9] Financial Performance and Forecast - The company's revenue is expected to grow steadily from 2024 to 2026, with projected revenues of 6 306 billion yuan, 6 448 billion yuan, and 6 622 billion yuan, representing year-on-year growth rates of 1 4%, 2 3%, and 2 7% respectively [9] - Net profit attributable to the parent company is forecasted to be 417 million yuan, 490 million yuan, and 606 million yuan for 2024-2026, with year-on-year growth rates of 12 9%, 17 5%, and 23 7% respectively [9] - The company's gross margin is expected to improve, rising from 23 8% in 2023 to 27 7% in 2026, while the net profit margin is projected to increase from 5 9% in 2023 to 9 1% in 2026 [8][11] Market Performance and Valuation - The company's stock price has experienced significant volatility, with a 52-week range of 8 85-14 15 yuan, and a closing price of 9 40 yuan on September 2, 2024 [2] - The company's market performance has underperformed the broader market, with a year-to-date decline of 37 27% as of June 2024, compared to the Haitong Composite Index [3] - The report assigns a 2024 dynamic PE range of 26-30x, with a fair value range of 11 44-13 20 yuan per share, based on comparable company valuations [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.347 billion yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of -81 million yuan, a decline of 223.19% [1] - The company is focusing on its core financial technology business despite short-term performance pressures, with a strategic shift to enhance its core technology and product capabilities [1][2] - Significant industry-level strategic partnerships have been established, enhancing the company's AI capabilities and product offerings [2] Financial Performance Summary - For H1 2024, the company reported revenue of 2.347 billion yuan, down 13.94% year-on-year, and a net profit of -81 million yuan, down 223.19% year-on-year [1] - Revenue breakdown for H1 2024 includes: - Securities brokerage software: 241 million yuan, down 19.65% - Asset management software: 85 million yuan, up 58.74% - Banking software: 167 million yuan, down 16.67% - Comprehensive financial software: 8 million yuan, down 45.79% - Custom services: 435 million yuan, up 15.98% - Non-financial business: 1.403 billion yuan, down 21.14% [1] - R&D expenses for H1 2024 were 269 million yuan, an increase of 2.15% year-on-year, with R&D personnel constituting over 60% of the total workforce [2] Future Projections - Revenue projections for 2024 to 2026 are as follows: - 2024: 6.422 billion yuan - 2025: 6.582 billion yuan - 2026: 6.697 billion yuan - Net profit projections for the same period are: - 2024: 427 million yuan - 2025: 478 million yuan - 2026: 535 million yuan [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company focuses on its core financial technology business, maintaining stable revenue from financial IT services despite a decline in non-financial business revenue [3][6]. - The company reported a significant drop in revenue and net profit for the first half of 2024, with total revenue of 2.347 billion yuan, down 13.94% year-on-year, and a net loss of 81 million yuan [2][3]. Summary by Sections Financial Performance - In 2024 H1, the company achieved revenue of 2.347 billion yuan, a decrease of 13.94% year-on-year, and a net loss of 81 million yuan compared to a profit of 66 million yuan in the same period last year [2]. - For Q2 2024, revenue was 1.259 billion yuan, down 14.02% year-on-year, with a net loss of 1 million yuan compared to a profit of 124 million yuan in Q2 2023 [2]. Business Segments - Financial IT revenue remained stable with a slight decline, while non-financial business revenue saw a significant drop [3]. - The revenue breakdown for financial IT services includes: - Securities brokerage software: 241 million yuan, down 19.65% - Asset management software: 85 million yuan, up 58.74% - Banking software: 167 million yuan, down 16.67% - Comprehensive financial software: 8 million yuan, down 45.79% - Customized services: 435 million yuan, up 15.98% [3]. R&D and Profitability - The company's gross margin for H1 2024 was 19.60%, a decrease of 1.97 percentage points year-on-year, with specific margins for various segments: - Securities brokerage software: 84.25% - Asset management software: 67.39% - Banking software: 9.58% - Customized services: 22.08% [6]. - R&D expenses for H1 2024 were 269 million yuan, with a cumulative investment of 1.81 billion yuan from 2021 to 2023 [6]. Future Projections - Revenue projections for 2024-2026 are as follows: - 2024: 6.057 billion yuan - 2025: 6.118 billion yuan - 2026: 6.325 billion yuan - Expected net profits for the same period are: - 2024: 396 million yuan - 2025: 456 million yuan - 2026: 530 million yuan [7][9].

2024 年半年度报告 公司代码：600446 公司简称：金证股份 深圳市金证科技股份有限公司 2024 年半年度报告 1 / 170 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李结义、主管会计工作负责人周志超及会计机构负责人（会计主管人员）鲁丹声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司不存在重大风险事项。公司已在 ...

证券代码：600446 证券简称：金证股份 公告编号：2024-052 深圳市金证科技股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准深圳市 金证科技股份有限公司非公开发行股票的批复》（证监许可【2020】3158 号）文 件核准，深圳市金证科技股份有限公司（以下简称"公司"、"金证股份"）以 12.34 元/股的价格向 15 名特定对象非公开发行人民币普通股 81,145,721 股，募 集资金总额 1,001,338,197.14 元，扣除发行费用 16,550,943.39 元，实际募集资金 净额为 984,787,253.75 元。 截至 2021 年 3 月 5 日，保荐人（联席主承销商）平安证券股份有限公司（以 下简称"平安证券"）指定的收款银行账户收到 15 名发行对象缴纳的申购金证 股份本次非公开发行人民币普通股的资金。上述募集资金到位情况业经大华 ...